GreenRoc Mining PLC reported a narrowed loss in its latest half year and said its Greenland projects are progressing well, including its plans to move the Amitsoq mine towards production.
The London-based, Greenland-focused mineral exploration company said its pretax loss for the six months ended May 31 was £417,000, compared with £484,000 for the same period the prior year and with its £1.2 million loss for the year ended November 30.
GreenRoc also reported a basic and diluted loss per share of 0.35 pence for the half year, narrowed from 0.43p. The stock was up 4.7% at 4.45p in London on Wednesday.
Administrative expenses meanwhile fell 14% to £415,000 from £483,000.
GreenRoc said operations were ‘progressing well’ at its flagship Amitsoq graphite project in southern Greenland’s Nanortalik region. Its mineral resource estimate had previously reported a total graphite content of 4.7 million tonnes at an average grade of 20.41% graphitic carbon at the Amitsoq Island deposit.
Chief Executive Officer Stefan Bernstein said: ‘We have taken important steps forward at GreenRoc in the first half of 2023 with regards to the development of our flagship asset...The declaration of a significantly upgraded mineral resource estimate in January 2023 not only confirmed the high-grade nature of the Amitsoq graphite ore but increased it to more than 20% graphite, which marks out Amitsoq as a truly world-class project.’
GreenRoc will use the £470,000 raised from an equity placing at 3.8p per share to further support Amitsoq including through additional graphite test work. It added that further work including electrochemical testing continues, with larger scale bulk sampling tests planned for 2023 to 2024.
GreenRoc added that the deposit has ‘potential for considerable further expansion.’
‘All in all, work at Amitsoq is progressing well and we thank our shareholders for their ongoing support which is enabling us to keep pace with our plans for moving Amitsoq towards production as soon as possible,’ Bernstein commented.
Additionally, GreenRoc said tests to determine the ilmenite content of coarser grains within drill core samples, from the Thore Black Sands project in northern Greenland, are nearing completion. Results should be announced this autumn.
At the nearby Melville Bay iron ore project, meanwhile, GreenRoc is currently analysing results from a recent geophysical data study.
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